Friday March 6, 2026
www.thenewsdesk.ng
The Qatar’s energy minister, Saad Al-kaabi, has warned that oil prices could rise to $150 per barrel in ‘two to three weeks’ if tankers remain unable to pass through the Strait of Hormuz.
Al-kaabi gave the forecast on Friday in an interview with the Financial Times.
However, major container shipping lines sailings through the Strait of Hormuz and the Suez Canal have been suspended over escalating security risks.
The development came after the after US and Israeli ordered strikes on Iran, with Tehran retaliating with strikes across the Middle East.
Hormuz, a narrow maritime passage connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea, is said to be the only sea route linking the Gulf’s oil and gas producers to global markets, making it one of the most strategically important waterways in the world.
Meanwhile, the Israeli Ambassador to Nigeria, Michael Freeman, has accused Iran of sponsoring extremist activities in many parts of the world.
The ambassador made the remarks on Friday, March 6, 2026, while speaking during an interview on The Morning Show on Arise News.
Freeman allegied that Tehran supports groups are aimed at destabilising countries while pursuing its hostility against Israel.